Determine How to Apply Risk Tools Appropriately PMI-CP Practice Questions (Page 3)

Questions 11–15

1. 11foundation · easy

   During an IPRA session, the team identifies several risks. Which action best demonstrates the 'prioritize risks' step?

   • ADocumenting the risks in a detailed report for the project sponsor.
   • BRanking the risks from highest to lowest based on their assessed probability and impact.
   • CAssigning each risk to a single owner without considering its severity.
   • DListing all risks alphabetically in the risk register.
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2. 12application · medium

   A project manager is implementing a risk management framework for a large infrastructure project. The organization has a standard risk management policy, but the project manager wants to tailor it to the project's needs. The project has a tight schedule and a complex stakeholder environment. What is the most important consideration when tailoring the framework?

   • AFocus only on the risks that could impact the project schedule.
   • BUse the organizational policy exactly as written to ensure consistency.
   • CInvolve only the project sponsor in the risk management process to speed up decision-making.
   • DAlign the framework with the project's objectives, constraints, and stakeholder expectations.
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4. 13expert · hard

   A project manager is using a Monte Carlo simulation to analyze the project's total cost. The simulation results show a 50% probability that the project will cost $1.5 million or less. The sponsor asks for a cost estimate with 80% confidence. What should the project manager do?

   • AUse the simulation output to identify the cost value at the 80th percentile of the cumulative distribution.
   • BUse the mean cost from the simulation as the 80% confidence estimate.
   • CAdd a 30% contingency to the $1.5 million estimate to achieve 80% confidence.
   • DRe-run the simulation with more iterations to get a more accurate 50% value.
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5. 14application · medium

   A construction project manager is preparing for the initial risk assessment workshop. The sponsor wants a structured approach that involves key stakeholders, identifies risks across all work packages, and produces a prioritized list for the risk register. The project is in the early planning phase, and the team has not yet established a risk management framework. Which action best aligns with the IPRA process?

   • AConvene a facilitated workshop with the project team and key stakeholders to brainstorm risks, assess their probability and impact, and rank them for inclusion in the risk register.
   • BAsk the project manager to review lessons learned from similar projects and list the top ten risks in the risk register.
   • CDefer risk assessment until the project schedule is baselined, then update the risk register with schedule risks only.
   • DHave the risk manager create a risk breakdown structure and assign risk owners based on their availability.
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6. 15application · medium

   A project team has completed an IPRA workshop and identified 25 risks. The project manager needs to prioritize these risks for the risk register. The team has limited resources and can only actively manage the top 10 risks. Which prioritization method should the project manager use?

   • AInclude all 25 risks in the risk register and assign owners to each.
   • BUse a Monte Carlo simulation to determine which risks have the greatest impact on the project schedule.
   • CRank the risks by their probability-impact score and select the top 10 for the risk register.
   • DAsk the sponsor to select the 10 risks they are most concerned about.
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